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Australia’s producer prices post quarterly rise in Q3, but annual inflation slows sharply
Australia’s national statistics bureau reported Friday that the nation’s producer prices gathered pace in the third quarter, but annual inflation slowed sharply. Australia’s producer price index (PPI) rose 0.3 percent q/q in Q3, following a 0.1 percent increase in Q2, below estimate of economists for a quarterly increase of 0.6 percent.

On an annualized basis producer price inflation slowed sharply, rising just 0.5 percent, compared to 1 percent in the second quarter. Details of the report showed that an increase of 11.9 percent in agricultural prices largely offset declines in the prices received for manufacturing products.

A gauge of intermediate demand rose 0.6 percent in the third quarter on higher prices received for electricity, gas and water supply. Preliminary demand also rose 0.6 percent, official data showed.

AUD/USD largely unchanged on the day, trading at 0.7583 at around 09:00 GMT. PPI data failed to provide any respite for the pair which maintained its offered tone as the greenback extended Fed rate-hike driven uptrend.Australia’s national statistics bureau reported Friday that the nation’s producer prices gathered pace in the third quarter, but annual inflation slowed sharply. Australia’s producer price index (PPI) rose 0.3 percent q/q in Q3, following a 0.1 percent increase in Q2, below estimate of economists for a quarterly increase of 0.6 percent.

On an annualized basis producer price inflation slowed sharply, rising just 0.5 percent, compared to 1 percent in the second quarter. Details of the report showed that an increase of 11.9 percent in agricultural prices largely offset declines in the prices received for manufacturing products.

A gauge of intermediate demand rose 0.6 percent in the third quarter on higher prices received for electricity, gas and water supply. Preliminary demand also rose 0.6 percent, official data showed.

AUD/USD largely unchanged on the day, trading at 0.7583 at around 09:00 GMT. PPI data failed to provide any respite for the pair which maintained its offered tone as the greenback extended Fed rate-hike driven uptrend.